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Shares of Macrotech Developers erstwhile Lodha Developers opened at Rs 436 per share on the National Stock Exchange, Rs 50 lower than the issue price of Rs 486 marking a discount of 10.29%.
Macrotech Developers, formerly known as Lodha Developers made a tepid listing on the stock exchanges today. Shares of the real estate developer opened at Rs 436 per share on the National Stock Exchange, Rs 50 lower than the issue price of Rs 486 marking a discount of 10.29%. On the BSE, it opened at Rs 439, at a discount of 9.67%.
The initial public offer of Mumbai-based Macrotech Developers was subscribed 1.36 times on the last day of subscription on April 9. The issue received bids for 4,94,64,480 shares against 3,64,18,219 shares on offer, as per NSE data. The portion meant for qualified institutional buyers (QIBs) was subscribed 3.05 times, non-institutional investors 1.44 times and retail individual investors (RIIs) 40%.
The company plans to use the IPO proceeds for reducing debt by up to Rs 1,500 crore and acquire land or land developmental rights aggregating up to Rs 375 crore.
This was the third attempt by Lodha Developers to launch a public issue and list its shares on the stock exchanges. In 2009 and 2018, the company had filed IPO documents and also got Sebi approval but did not hit the capital market as market conditions were not conducive.